Much of the response from Duff and Phelps to last night’s revelations by Mark Daly on the BBC website centred around their fees. BBC revealed that partner, David Grier, emailed Craig Whyte to say, “We propose to cap our fees in respect of an (sic) CVA or Administration to £500k, however, we request the ability to discuss with you an additional payment in respect of our total time costs, in so far as this does not impact on your position.”
Contracting to cap fees at £500k when you subsequently bill creditors £3.5m for your own time plus £2m legal costs would embarrass many of us, though not everyone. Duff and Phelps added a caveat that they could discuss additional payment as long as it did not impact on Craig Whyte’s position, which they perhaps did.
The more interesting part of the exchange between Whyte and Greir is their preparation for “HMRC being hostile”.
Craig Whyte:
“I’d like to speak to David [Whitehouse] and Paul [Clark] to make sure that they’re comfortable with the fact that we might end up with HMRC being hostile (I suspect this will end up being the case so you should go into it with your eyes open)”
David Grier:
“Agreed.”
It is fascinating to wonder how comfortable Mr Whitehouse and Mr Clark were with Craig Whyte’s plans in the event HMRC were hostile. HMRC are Rangers largest creditors. Administrators run the company in the interests of the creditors, not the shareholders.
Three days after this email exchange Rangers went to court to insist Duff and Phelps were appointed administrators instead of an appointment by HMRC.
Last week Duff and Phelps denied they have a conflict of interest concerning this administration. They are currently negotiating a CVA with HMRC and other creditors.
E-lites are opening a concession on the first floor of Buchanan Galleries tomorrow. They are giving away a free copy of CQN Magazine to customers throughout June, while stocks last.
[calameo code=000390171d4d843c4ec07 lang=en page=2 hidelinks=1 width=100% height=500]
613 Comments- Pages:
- «
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- ...
- 17
- »
Good afternoon from a dreich Fife.
Just on BBC the news that the SPL has received the contract docs from Rangers, only three months after requesting them.
Duffer and Duffer don’t do hurry up do they?
Alasdair Lamont @BBCAlLamont
This from @BBCRaymondB: Lawyers acting for the SPL have received contract documents from Rangers 3 months after first requesting them.
Sixteen roads to Golgotha on 31 May, 2012 at 12:20 said:
In fairness to Billy Sinclair, his managerial reign at Solitude had a few ups as well as a lot of downs, and he wasn’t blessed with much luck at vital times. His team c. 1989-91, with the Holy Trinity in midfield – Peter Murray, Tommy Breslin and Jim McFadden – and the likes of Noel Hamill, Billy Drake and Sean O’Kane up front, was attacking and entertaining, and but for the six broken legs post-Christmas in ’88-’89 would likely have reached the Irish Cup Final, instead of losing the semi-final replay in extra-time.
And it wasn’t his support of Rangers that led to supporter anger and his downfall. Rather it was losing seven of our first eight league games in ’92-’93. I still remember the night he resigned – we’d just lost a midweek cup game 1-2 at home to Ards and the fans had arranged a protest on the pitch in front of the White House after the game. 11 of them stood holding a placard with a letter each, to spell “S I N C L A I R O U T”. Sadly in the pouring rain and on a muddy pitch it took a while for them to get organised properly, but the message must have gotten home in the end!
Philvis
That last bit was unfair. A low blow. ..
philvisreturns on 31 May, 2012 at 13:38 said:
Well now, let’s start at ‘cromwell’……..
A sign of Scottish football’s determination to save its own and Rangers’ skins.
According to the Herald there is talk of the SFA approaching FIFA with the line that it was not Rangers but the administrators who took the SFA to court.
Chantie Wrasslers one and all.
Re Wee Frees,
Whats the difference between Lewis and Harris?
In Lewis they chain the swings up on a Sunday in the local playgrounds
And Harris
We don t have kids playgrounds – work of the devil that they are
The Battered Bunnet – That last bit was unfair. A low blow. ..
Which bit? :-S (thumbsup)
67Heaven – Well now, let’s start at ‘cromwell’……..
Yup. He was a baddie, as people who believe they have the right to police the morals of others and micromanage their lives tend to be…
Mon the Cavaliers. (thumbsup)
wonkyradar…………………..HH
We’re on the road to nowhere?</a
Big Nan on 31 May, 2012 at 13:39 said:
Good afternoon from a dreich Fife.
Just on BBC the news that the SPL has received the contract docs from Rangers, only three months after requesting them.
=================
Wouldn’t surprise me if all they’ve handed over are copies of the players’ contracts that the SPL/SFA already have. I think the side letters might just have been shredded for the protection of the guilty. HMRC have copies.
quonno
Doubt that will wash with FIFA. The administrators have the exact same role in running Rangers as Directors of the Club have and make all decisions “on behalf of the company”.
Legally you can’t say they didn’t take the case to the Court of Session for themselves and not the company.
Mort
Press Statement ~ EBT Investigation
The SPL confirmed that Rangers FC had today provided documentation to the SPL in relation to the SPL’s investigation into EBT payments. The SPL’s legal team will now review and provide an update to the SPL Board at the next SPL Board meeting on 18 June.
So 3 months into the “investigation” the SPL now has the documents needed to start the investigation. THREE MONTHS after it was announced.
If it wasn’t for Mark Daly’s documentary we would still be waiting for word on this. What an absolute joke of a man Neil Doncaster is.
His behaviour in this episode has been a disgrace. And what on earth is going on with his hair? (an ludicrous barnet for a man of his age).
Today must have been the “unspecified deadline” for handing the documents over. June 18th next date given. I’m sure it has been chosen specifically with the intention of keeping the ball in the long grass long enough to carry on with their Newco plan.
What’s the odds on another delay with either more time needed to review the documents or D and P forgetting to enclose all the documents in the envelopes.
reilly1926 on 31 May, 2012 at 13:47 said:
Big Nan on 31 May, 2012 at 13:39 said:
Good afternoon from a dreich Fife.
Just on BBC the news that the SPL has received the contract docs from Rangers, only three months after requesting them.
=================
Wouldn’t surprise me if all they’ve handed over are copies of the players’ contracts that the SPL/SFA already have. I think the side letters might just have been shredded for the protection of the guilty. HMRC have copies.
Shred vital evidence! Rinse out your mouth with carbolic soap.
Hearing that a lot of the CVA letters didnt have stamps on them.
The Honest Cover-up – His behaviour in this episode has been a disgrace. And what on earth is going on with his hair? (an ludicrous barnet for a man of his age).
He’s a huge fan of Mighty Mouse. (thumbsup)
wonkyradar on 31 May, 2012 at 13:14 said:
>>>
Don’t forget Iain Banks and his alter-ego Iain M. Banks.
: )
And when this saga finally comes to an end I expect a best-seller from P. Brennan.
Mort on 31 May, 2012 at 13:48 said:
quonno
Doubt that will wash with FIFA. The administrators have the exact same role in running Rangers as Directors of the Club have and make all decisions “on behalf of the company”.
Legally you can’t say they didn’t take the case to the Court of Session for themselves and not the company.
Is that a personal or professional opinion?
In my admittedly musically unsophisticated opinion, there is NO other music which is as soul-stirring & evocative as the unaccompanied psalm singing of the Wee Frees. This is surely the singing which was such a part of the services of Columkille & the early Celtic missionaries. That it should survive due to the seemingly otherwise joyless Wee Frees is a kind of miracle in itself.
That said, many of the Wee Frees that I have encountered in life have been lovely people… Christian in the best sense of the word.
Whether they would be typical of their fellow churchmen, I have no idea.
I can only work from my own experience.
Wee Frees and music ?
Sunday morning 1979 [mate and I on the way home after a long night ] —- Woodlands Road , Glasgow . Large crowd of miserable faced people in long black coats gathered outside the Free Presbyterian Church .
As we steered our way through the crowd-my mate said —
‘ Hey Tunis —– Joy Division are more popular than I thought ”
,
So are the SP
Mort on 31 May, 2012 at 13:48 said:
quonno
‘Doubt that will wash with FIFA. The administrators have the exact same role in running Rangers as Directors of the Club have and make all decisions “on behalf of the company”.’
Agreed. The company has its own legal personality, and it’s the company that’s a member of the association not the directors. The company has remained as a member since the administartors were appointed, so it doesn’t matter whether decisions are made by directors or administrators.
South Of Tunis – Large crowd of miserable faced people in long black coats gathered outside the Free Presbyterian Church .
Freezing breath on a window pane? (thumbsup)
quonno
Professional.
The Insolvency Act 1986 is the piece of legislation detailing what an administrator can do and section 14, sub-section 5 is the key part. It says:
In exercising his powers the administrator is deemed to act as the company’s agent.
Legally that means that the administrator is acting on behalf of the company.
Mort
Barcabhoy
That definitely puts Neil Doncaster’s behaviour, (and that of several SPL Chairmen), of the last two months into perspective. Doncaster, acting on his own, or in concert with others, attempted to create an artificial construct which would allow Rangers to continue as an ongoing member of the SPL. I think we have got to the point where Neil Doncaster needs to be asked, under oath if necessary;
“What did you know?”
“And when did you know it?”
Ernie:
For a comparatively small island, Ireland has made a disproportionately large contribution to world literature. In some ways parallel to the kind of influence Scotland has had in Science and Technology. Ireland, it has to be remembered was decimated, by the Norman, then the English invasions of its lands, then latterly the British ( with a shamefully large proportion made up of Scots) annexation. Ireland never had the freedom or opportunity to independently contribute to the scientific fields like Scotland did. In my opinion Literature is the measure of civilization: Ireland has contributed probably more to the cannon of European literature than any other country. Seamus Heaney ( for all I love his poetry) I don’t see how he is a better writer than many of our great Scots poets of the 20th C- yet he won the Nobel Prize. I think it is a highly politicised event. Why no prize for someone as influential as Joyce? And yet Beckett, his disciple, won it. Strange. Yeats is a no brainer but Shaw (?). Who read’s him now ( other than the odd quote here and there)? Just think politically Scotland has little or no clout abroad due to the perception of us as a “region”. Unlike Ireland that has a vivid and clearly defined sense of identity- maybe because it is independent. Who knows? Maybe I’m wrong. Its all just opinions at the end of the day.
Said I wouldn’t have another non-football post.
Need to go walk the beast.
Kayal33 on 31 May, 2012 at 13:16 said:
>>>
The orcs are just plain nuts. Their demented wee brains seem to have slipped into alt. universe mode and they have tripped the light fantastic intae their whirly twinkly fairy light phantasmagorium of endless fantasy with all the gay abandon of muppets on acid.
Either that,or they are just thick as week old porridge.
What a tangled web we weave when first we practise to deceive. Could have been written for them. Did they even begin to work for the creditors??
wonkyradar on 31 May, 2012 at 14:00 said:
>>>
YEATS
: )
Off message:
George Osborne talks like he’s our dear papa.
“We’re going to keep Britain safe from the gathering storm…”
Quelle fud.
So are the SPL attempting to base their investigation solely on the documents provided by D&D while ignoring all other sources?
3 months they’ve waited for D&D to provide documentation while more than likely they’ve had the proof in their possession over this the same period. I can smell fudge?
I’m fed up to my back teeth. Somehow,I have come down with Chickenpox (seriously) and have been told to keep masel’ isolated. Scunnered.
I blame Rankers.
So rangers deliberately witheld the documents relating to the double contract to avoid being penalised for THIS season and ending up relegated?
That should be instant relegation, for me. At the very least.
Are Duff and Phelps simply the latest to be duped by wee Craigie?
Personally I think that they were dited to take on such a job on a fixed fee basis.
All going to lead to more lawyers rubbing their hands.
Ellboy – I am Neil Lennon, YNWA. on 31 May, 2012 at 14:05 said:
>>>
And are these documents comprehensive or selective?
This is all beginning to remind me of Watergate.
To paraphrase Tricky Dicky : There will be no whytewash at the big hoose.
; )
“dited”? ..please translate. HH!
: )
miki67 on 31 May, 2012 at 14:10 said:
Oh I imagine they’d be very selective, most probably of the nothing to see here variety.
wonkyradar on 31 May, 2012 at 14:00 said:
Joyce and Beckett exiled themselves from Ireland.
A Scots Quair was written in Welwyn Garden City.
I don’t think it pays to be too parochial about literature.